By Bob Fabian
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June 16, 2025
Single Close Construction Loans in the University of Virginia Area, VA The University of Virginia (UVA) census area in Charlottesville, VA, is a dynamic hub of academic excellence, cultural vibrancy, and historic charm. Home to one of the top national universities, UVA attracts students, faculty, and families eager to build their dream home near landmarks like the South Lawn. A single close construction loan offers a streamlined and efficient way to finance both the construction project and the permanent mortgage, making it an ideal choice for homebuyers in this prestigious community. Unlike traditional construction loans that require separate loans and multiple closings, a single close construction loan combines both into one loan, reducing paperwork, fees, and complexity. In this article, Bob Fabian with GO Mortgage explores the benefits of single close construction loans in the UVA area, helping borrowers navigate the process to create their new home. What Is a Single Close Construction Loan? A single close construction loan, also known as a one-time close loan, is a home loan that funds both the construction phase and the permanent mortgage in a single loan. This eliminates the need for separate loans, simplifying the financing process and reducing closing costs. For UVA-area homebuyers, including faculty, staff, or families drawn to the area’s top-ranked schools and colleges, this loan type offers a seamless way to build a house tailored to their needs, whether near the South Lawn or in surrounding neighborhoods. Why Choose a Single Close Construction Loan? The UVA census area, with its proximity to national universities and vibrant community, is an attractive location for building a new home. Single close construction loans provide several advantages for borrowers: Single Set of Closing Costs: Pay fees only once, unlike traditional construction loans that require multiple closings. Reduced Paperwork: A single loan streamlines the application process, saving time and effort. Seamless Transition: The loan converts to a permanent mortgage upon completion, without requalification. Flexibility: Covers land purchase, construction costs, and the permanent mortgage, making it ideal for custom projects. These benefits make single close construction loans a smart choice for building in the UVA area, where academic and cultural vibrancy meets residential appeal.